Surya Roshni (SURYAROSNI) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue declined 4% year-over-year to ₹1,868 crore, but grew 22% sequentially, with EBITDA up 87% and PBT up 163% from Q2, reflecting strong recovery in Steel Pipes and robust Lighting & Consumer Durables performance.

• Lighting & Consumer Durables segment achieved 12% YoY revenue growth, driven by innovation, strong distribution, and festive season launches.

• Steel Pipe & Strips segment saw 8% YoY volume growth, but revenue declined 8% due to lower steel prices; value-added products contributed 45% of segment revenue.

• Company maintained zero debt and a net cash position of INR 225 crore as of the call, with a cash surplus of INR 220 crore as of nine months FY25.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2024 were approved by the Board on 6 February 2025.

Financial highlights

• Q3 FY25 revenue: ₹1,868 crore (down 4% YoY, up 22% QoQ); EBITDA: ₹156 crore (down 2% YoY, up 87% QoQ); PBT: ₹90 crore, flat YoY, up 163% QoQ.

• Nine months FY25 revenue: ₹5,290 crore (down 8% YoY); EBITDA: ₹397 crore (down 4% YoY); PBT: ₹217 crore (down 4% YoY).

• Lighting & Consumer Durables Q3 revenue: ₹451 crore (+12% YoY); EBITDA: ₹45 crore (+20% YoY); PBT: ₹35 crore (+18% YoY).

• Steel Pipes & Strips Q3 revenue: ₹1,417 crore (-8% YoY); EBITDA: ₹111 crore (-9% YoY); EBITDA/ton: ₹5,163 vs ₹6,156 YoY.

• Standalone and consolidated EPS for Q3 FY25 were ₹4.13 each, adjusted for bonus shares.

Outlook and guidance

• Confident in delivering double-digit revenue growth and double-digit EBITDA margin for lighting for the full fiscal year.

• Targeting 15%+ annual volume growth, with greenfield projects and INR 500 crore investment planned.

• Steel pipe capacity expected to reach 1.8–1.9 million tons in two years, with INR 300 crore CapEx over the next three years.

• Sequential recovery in Steel Pipes expected to continue, supported by higher volumes and improved institutional sales.

• Ongoing investments in capacity expansion and backward integration to drive future growth.